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tv   MONEY With Melissa Francis  FOX Business  September 12, 2012 5:00pm-6:00pm EDT

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interest rates, probably not going to move those. investors look for any announcement of money printing or additional measures. we're hearing a lot about lowering interest on intrabank overnight deposits following the decision, ben bernanke will give a press conference at 2:15 p.m. eastern. we're all over it. see you tomorrow. melissa: i'm melissa francis and here's what's "money" tonight. payoffs in the middle east and north africa. the u.s. ambassador of libya is killed. the shockwaves are just beginning. what will the fallout be for global energy prices and security? we get insight from former u.s. ambassador to iraq james jeffries. plus think paying four bucks a gallon for gas is pad? how about nine bucks a gallon? a group of gas stations across the northeast is jacking up its prices in protest. i will talk to the gas station manager hoping to lead the charge to find out why. tech nerds rejoyce. the curtain rises on the new
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iphone. expectations could not hit higher but does it hit the mark? we'll talk with adam lashinsky. even when they say it's not it is always about money. melissa: and first let's take a look at today's market headlines. stocks to the plus side for a second day but wall street remains cautious. the fed ends its two-day fomc tomorrow. announcement whether more stimulus will be used to jolt the economy is expected. the dow closed up nine points. the euro climbing to a knife-month high versus the dollar. germany's high court refused to block the creation after eu fund. facebook shares soar more than 7% following ceo mark zuckerberg's customers comments since the ipo.
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zuckerberg admitting mistakes have been made in the recent months. he made it clear that facebook plans to push hard in the fledgling mobile ad market. to our top story we're currently giving billions of dollars to libya and egypt, two countries who violently attacked americans including embassy officials in libya. they claim they were outraged over a movie that mocked muhammad. last night ambassador chris stevens was killed in trying to get his fellow americans to safety in the consulate in libya. they are wondering there is a more organized plan. we have the james jeffries, former ambassador to iraq and turkey and visiting fellow for the wash institute of near east policy. thank you for joining us. appreciate it. >> thank you very much, melissa. i'm happy to be back and talk about this very tragic incident. melissa: it is very tragic
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and of course initial reports blamed a reaction to this movie but people are thinking there may be more at play here, what do you think about that? >> first of all it is very important to keep in mind that the action of these few terrorists and demonstrators does not represent the views or activities of most of the people in the middle east. they want peace and calm as much as we do. however it does reflect a disturbing tendency. is not simply provocations from the west that lead to these things often. they are planned in advance and often the slightest excuse is unfortunately used to, to, spark a political agenda and to spark violence. melissa: yeah, senator bill nelson from the senate intelligence committee was saying earlier today it is not a coincidence that this happened on 9/11. probably the movie was an excuse. do you think that's the case? >> it is very hard to look into the motives behind these groups until you actually get very good intelligence who was behind
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this, who did it and they were trying to do. what i will say is that it is a part of the world that we all know well, those of us who have been out there. there is a level of violence that's quite high. it is not an easy area for american diplomats and for american civilians and american military to deal with to be honest. we've had many attacks on americans and installations in that region since the 1970s. melissa: when you look at the attack on the american flag, tearing up the flag and in addition to the loss of life there, there are a lot of americans who say we have given $1.6 billion each of the last three years to egypt. the u.s. government provided more than 200 million in assistance to libya. you know since 2011. should we still be sending fund to these countries right now when we see what is going on and violence against americans? >> absolutely, melissa. these funds serve, they're not charity. they're part of a major
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effort to keep these countries stable and to keep our interests up right and functioning in the middle east. for example, egypt, the suez canal is the waterway that essentially all of the oil from the middle east has to go through in order to get to europe and the united states. libya, for example, has brought its oil industry back online. it is pumping more than i believe a million barrels a day. these are essential to the oil markets internationally and to the price of gas here in the united states. so it's not just oil. it's also international security. it is future of israel. it is our long-term interests in the middle east. melissa: is it working? i hear what you're saying and you look at pictures and see what happens, you have to ask yourself is it working? >> of course those of us who have been out there, we're shocked and we're obviously very, very saddened by these events and our first
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reaction of one, gee, why does this happen? what we have to do is first of all see what the governments will do in response to these attacks. they have an absolute responsibility to protect embassies and diplomatic establishments. this was not done at all in the case of egypt. the libyans tried. there was a major gunbattle with terrorists involved. we have to see in days ahead how these governments react. i think we should withold judgment on the next step in the united states until we have more can't and figure out where this is going. melissa: you mentioned the suez canal and mentioned impact on oil here. what do you think it does to the price of oil to see these tensions erupt? >> i think that the people who deal in oil internationally are very experienced in the middle east and in ups and downs of violence and turmoil and even chaos. i think some of that is factored into the price of oil. right now despite the sanctions on iran oil prices are in pretty good shape. they fell again i believe today.
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they're well below $100 a barrel. i don't think you will see any immediate fallout. watch two things. first of all can libya continue to remain stable and pump oil it is pumping now? secondly how are things going in egypt. because egypt is so important strategically and cultural and demographic center of the middle east, how things go in egypt will have an effect on everything from iran to north africa. melissa: ambassador, thank you so much for your time this evening. >> thank you very much, melissa. melissa: turning now to exorbitant gas prices. if you had sticker shock at four bucks a gallon, get ready for $9 a gallon. today more than 50 lukoil franchise owners in new york, new jersey and pennsylvania are protesting lukoil's pricing policies by jacking up their own prices. the dealers pay lukoil between five and 30 cents a gallon more than their competitors they say. which means they have to charge more at the pump so they're losing business. with me from south plainfield, new jersey, like
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oil station at site of the protest is the station manager. thank you so much for joining us tonight and i'm just wondering so you have to pay more than your neighbor across the street. i understand why that would frustrate you. you have to pass prices onto the consumer and maybe lose some customers or you have to eat that cost yourself . what do you achieve by making prices nine bucks a gallon for a couple days? >> well, first of all thank you for having us on. number one, let me tell you as of yesterday my price, my cost was 3.7 . my competitors down the street here, which is a block to two blocks a way are selling the fuel, regular fuel at $3.79. two stations are selling it a at 3.79. one station selling at 3.85. the other raceaway station is selling at 3.77. in my cost is 3.78 and
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they're selling it at 3.79, how am i going to survive on one penny per gallon? melissa: i absolutely understand the math you're talking about there. sounds like you can't possibly be in business. how long has this been going on in to me if this is the atmosphere you would be out of business by now? >> this has been going on for the past two to three years. we're talking to our t is ms, which are territory sales managers at lukoil here and they keep saying, well, we can't do nothing about pricing. we can't do nothing about pricing. then we always ask, all the dealers who does the pricing? because are always 20 to 25 cents above the street price. of course. melissa: how are you staying in business then? are you passing that on to your customers? >> we're passing it on right to our customers. thank god we have customers who do understand the pain and suffering we are going through. i talk to my customers all the time. they understand what we're going through. they actually 100%
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supporting us on this protest as we speak. melissa: what has been the response from lukoil? as you say we're going to charge eight or nine bucks for couple days and you will not get revenue because nobody will come by. what do they say to you? >> they haven't responded as of yet. we're still waiting for a response. i have not heard from my tsm, my territory manager. i have not spoken to any other lukoil dealer yet. i don't know if anyone contacted them. >> you're a manager, franchise owner. why don't you go work for a different station or you know, into fly a different flag, buy oil from different company gasoline? seems like this is obviously a tough situation where you can't make any money? >> well, we don't have a choice. we have a lease here that we had signed and we are obligated to. we have to sell that lukoil fuel. we can't buy fuel from another, another agent. we only could buy fuel from
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luke owl itself. melissa: have you had any customers today? is anyone coming in paying eight buck, nine bucks a gallon? >> we had two customers, regular customers supported is and bought a gallon or two to show their support. melissa: how many days are you going to do this for before you finally give up? >> this is our first protest. if lukoil doesn't listen we'll have to do this again, until the point gets across. i changed the price last night, to 8.99 around 9:00. we'll be changing it back around 9:00 to the normal price we had earlier. melissa: we will be very interested to see how the situation unfolds. thanks for coming on our program tonight. best of luck to you. >> you know, we have lost so much business, half of our sales is gone because of our high pricing. melissa: i have no doubt. >> business is gone because of our high pricing. when my competition is selling fuel at my cost, that lukoil is selling it to me at, who will stay in
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business. melissa: we hear you, sir. got to come back later and tell us how it turns out. thank you for coming on the program. we appreciate your time. best of luck. >> thank you very much. melissa: he is known as mr. fix-it. maybe he can fix that gas problem. the banking giant, jpmorgan chase, that is, their co-chief operating officer joins me next on how to finally fix unemployment, the housing market for good. maybe you can hop over to lukoil to fix that situation as well. they need him i think. wall street on its behind legs begging for new stimulus from ben bernanke. even if the fed chief gives in, economist peter morici said it won't make a bit of difference for the economy. he is here to explain as well. got a lot of fixing coming up. ♪ .
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melissa: they call him mr. fix-it. he is the co-coo of jpmorgan chase. he is credited turning around the bank's mortgage business, restoring it to profitability and increasing market share by almost 30%. when jamie dimon has a problem he calls frank. we thought we would ask him
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to fix housing problem or unemployment or fix the lukoil thing. what would you tell that guy to do by the way just for fun. >> in nye neighborhood i pass by there. melissa: give him advice. i don't know how quickly he will resolve that. let's work on jobs. unemployment picture in this country is bleak. there are a lot of engineering jobs wide open. what would you do to fix the jobs crisis? >> we need engineers. if you look across graduates this year we graduated 60,000 engineers. 70,000 engineers, 30 years ago. that gives you a picture of type of industrial country we had and what we were growing and what we need to grow today. i think we need to grow engineers. melissa: do we have the natural aptitude? set up special schools? loan incentives for higher education? >> i think the first thing is you have to look at universities themselves. we have in excess of 300 universities that have real engineering programs. if you look at india, it is
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4,000 universities. melissa: wow. >> so the universities have to be motivate to do it. that is the place to start. melissa: why have we gotten to this point? are the jobs not lucrative enough? are americans not naturally interested in this? >> it is interesting because if you take the software industry we're shorten gears continually. in america right now, engineering is a full employment practice. so it is a great place to start a career. it is a well-rewarding career. and i do say that the engineers create jobs. not only are they jobs with, where they, create manufacturing opportunities and they create jobs in america. melissa: you're all about economic incentive. should we structure loan programs or make it cheaper to borrow money to go to school to become an engineer? >> i don't think you need to do that. i think we need the engineering programs. we have to get people in this country to understand exactly where engineering can take people. it is at the core of many of the things we do, whether it
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is process or technology. whether it is business generation, engineers are the at core of it. melissa: i know another issue you're really behind is putting veterans back to work, right? how do we do that? >> we felt an obligation, jpmorgan himself in the '20s said when they come back, it is our requirement to put them to work. they have served the country. we really feel a deep need to put them to work. so we have to start with retraining. but i do tell you, they come as a well-skilled workforce. we've been very fortunate. melissa: do you think the unemployment number will turn around anytime soon? >> i think we need to make some changes. bringing the military back as an example, and putting them to work is a big deal. we need a best-friendly environment and a business-friendly environment will encourage us to employ people. melissa: let's fix the mortgage market, how about that? housing how can we put housing back? >> housing has hit a bottom. melissa: you think. >> we said that before.
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now you're seeing a recovery. you can look at data. we see data that shows 10% less foreclosures than a year ago. over 60-day delinquency is down significantly, redefaults are at all-time low post-crisis. so i think that data shows that it is in the right direction but to fix it, we've got to work together, collaborate, government, financial institutions. g. is es together. melissa: how do we do that? you have a bird's-eye view who pays their mortgage. who is hopeless at this point and how do you fix that problem? >> we've gone through a lot of that. it is in foreclosure. it is in bankruptcy. they had their opportunity to modify and what we did in the settlement led by the housing secretary was an example of collaboration between financial institutions, between regulatory agencies, between the government, that really created something that was
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helpful. i think that is how to go at housing in total. melissa: so how do we pick up the rest of the mortgage market as a result? how do we move out from here? >> i think how we move it we need gse reform and a privatized market. melissa: what does that mean? how do we reform the gses? >> the shape and form it is in caused it to be a single place and brought us to issues we had from before. if we get around the table like we did on other issues and bring everybody together we will come up with a good way to structure gses, work together and have an active mortgage market and also have a privatized market. it is important that we have a privatized market also. melissa: frank, thanks so much. you have to get out to the lukoil station to help that guy. he really needs you. we'll send you out next. >> thanks, melissa. melissa: thanks for comi on. they say the definition of insanity is trying the same thing over and over again but may not stop the fed from trying another round of stimulus. economist peter morici joins me next on why it wouldn't
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make a difference for the recovery? do you ever have too much money? of course not. we'll be right back. ♪ . i'm so glad you called. thank you.
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you could also set up free account alerts. okay. [ female announcer ] at wells fargo we're working around the clock to help protect your money and financial information. here's your temporary card. welcome back. how was london? [ female announcer ] wells fargo. together we'll go far. ♪ . melissa: if at first the fed doesn't succeed, try, try again. the federal reserve kicked off the two-day fomc meeting. just when everyone is expecting a fresh round of stimulus to be announced but economist peter morici said the fed failed to boost the economy twice already. the third time he said will not be a charm. he joins me right now. peter, why are you so pessimistic at qe3? >> interest rates are at record lows because of conditions in europe. we had qe3 coming because all the money in europe frightened investing in the
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bond market. mortgage rates are boosting housing market as much as it could be boosted right now. melissa: everyone is on the same page with you. why would they bother even doing this? >> political pressure. the most recent testimony in the senate finance committee and senator schumer telling him to get busy to do something? i'm afraid if fed feels it doesn't act and things come apart in the new year it will be blamed. that is poor reason to do business but i'm afraid that is the kind of business the fed is doing these days. melissa: ironically it is juicing the stock market. giving all kinds of juice to equities. this is what president obama doesn't want to do. these are fat cats on wall street he doesn't like. will anyone call out the administration on this. >> i don't really think the administration wants equities juiced for next 30 days. long term you don't want valuations juiced either in the stock market or stock market from ultralow interest rates that won't be
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sustainable later on when we return to normal rates. at some point all of this money will lead to inflation. it hasn't yet. when it does we won't be able to sustain the rates. you raise them a bit again. then housing prices go the other way. stock prices go the other way and you're back in the soup. melissa: when does that turning point happen? because there are a lot of people who say that inevitably if you're going to pump this much slack into the it has to come out somewhere? a lot of people think gold is cheap right now as a result of all this. when do the chickens come home to roost so to speak? >> when you start to see unemployment fall a bit further. not because of fed actions but because of other policy measures. for example if we had a romney administration and he did indeed do what he says he will do with regard to china and energy that will bring us closer to full employment. at that point in time the effects of this qe3 would start to really bite. monetary policy comes with a lag, a bigger lag than fiscal policy. we could start to see inflationary problem next spring. melissa: a lot of people blame alan greenspan for the
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housing bubble. if you think back to, 2000, to 2003, it felt a little like this. rates were lower and lower and people said is this a bubble that will burst down the road. where do you think we'll see the bubble when it finally bursts? >> we'll see it in housing values and stock valuations. the stock market, if you look how rapidly it is rising can we say the profitability of american firms has been moving up that way? you know, not really. i'm starting to become a bit skeptical about the stock market values we have and certainly have become skeptical about the price increases we're starting to see in new home construction. i don't know that the locations really warrant it and you know, i think that housing values, we should be hopeful that they don't move up too fast. melissa: yeah. always insightful. peter, thank you very much for your time tonight. >> take care. >> now let's not forget about europe. the euro hit a five-month high against the dollar today as steps are being taken to stablize the eurozone.
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germany's highest court approved the creation of a permanent bailout facility but with a catch. germany gets to keep its own veto power. what are the chances that will even work? let's turn to my favorite expert on this, charles lipscomb from the university of chicago. he has insight for us. professor, thank you for coming back to the show. what do you think of this latest wrinkle? >> it is a dog that didn't bark. it is something that didn't happen. it is very important. since we last talked a week ago there have been a number of developments. the german constitutional court saying it was all right for germany to participate in the stability facility is one of them. but the most important that would have been critically important had the court said it was unconstitutional for germany to do that but the most important affirmative action is mario draghi moving to buy bonds. i think that draghi is
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proving to be the most important figure for european integration in two or three decades, really since delore moved forward with european integration in the 1980s. melissa: do you think history will look back on him favorably to say that he made the right decisions? >> they may or may not with regard to pumping money into the economy. the there is long-term issue and short term issue. the long-term issue they tried really hard with relatively weak instruments to keep the european financial system afloat. i say weak instruments because they don't have the capacity to go in and inspect banks and rescue banks and so forth. they're trying to get that power. that is an issue to be, to be discussed but the european central bank is moving in that direction. over the medium term though the real issue, melissa is, whether or not europe will
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move toward a greater fiscal and monetary union as a result of this crisis. or will it blow apart? they have jump halfway across a chasm and the current position will either move toward greater unity or, they will be, it will move toward the system, the euro system especially breaking apart. melissa: wait, wait. >> that is more likely to move to unity. melissa: i was going to say i can't let you off the hook. you have to pick one or the another. are we get closer to unity? that is like it will be closer to black or white. >> harry truman longed for a one armed economist so they couldn't say on the one hand and or the other hand. melissa: exactly. you're picking one hand. >> i'm picking one hand. melissa: do you dare think this problem is getting fixed. >> no. i think that, there are big political issues. we've talked mostly about economics. after all this is fox business channel.
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>> of course. your program says money. there are big political problems as everybody watches that the u.s. financial system knows. the weaker european countries, greece obviously and also spain and italy and portugal, maybe others a well, that are being asked to cut back. they're moving into recession and there will be political push-back about that. on the other side, germany, denmark, some stronger countries are lending money and they want real security for their money. melissa: professor, i love you. thanks for coming on tonight. always good. >> thanks very much, melissa. melissa: banks looking to dive into california's booming carbon trading industry but could there be serious unintended consequences? there always are. we'll explain coming up next. plus, like christmas morning for tech and apple lovers. the new iphone make as debut
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to the world. it is likely to face the toughest competition. we'll get insight from inside apple author, adam lashinsky. "piles of money" and apple coming up. ♪ . hmm, it says here that cheerios helps lower cholesterol as part of a heart healthy diet. that's true. ...but you still have to go to the gym. ♪ the one and only, cheerios
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tdd#: 1-800-345-2550 call 1-866-751-3261. melissa: some breaking news coming in on the mf global scandal. let's go right to adam shapiro who has more on this. adam. >> this is on top of what charlie gasparino is reporting. now "the wall street journal" reports that jon corzine, former head of mf global actually met with officials from the u.s. department of justice just last week to discuss the demise of mf global and 1.6 billion in customer fund which were used inappropriately. cords sign apparently spent two days talking to department of justice investigators. the journal reporting that the criminal and civil probes continue and they're still looking, those investigate for signs of
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willful intent to move that money they were not supposed to use to cover some of their margin calls. the journal reporting that jon corzine did meet with department of just tis investigators just last week. melissa? melissa: adam shapiro thanks so much. today is the big day. apple finally unveils the new iphone five at a conference in san francisco. you can hear the cheers. tech junkies and techsters alike are rejoicing. but is it all it is cracked up to be. forbes senior editor-at-large and author of, inside apple, adam lashinsky. thanks for joining us. tell us everything you learned. what do you think? >> i don't know if it is all it is cracked up to be. i would say it is exactly what it is cracked up to be. this was evolutionary, rather than revolutionary event for apple. they did what they do at these events. they had a new iphone 5. they refreshed the ipods for the holidays. they gave a new look to
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itunes. you can say, well, all right. so you haven't wowed us with something that will change the world and i would say, no, they didn't but i have a fairly good sense what they did do will sell extremely well. melissa: oh, yeah. everything they do sells extremely well especially when it comes to the iphone. talk about the features. there was nothing in there that was surprise. they have both black and white models. high speed 4g lte network what weime people were looking for and got. faster processor. 18% thinner. 20% lighter. the new cable charger called lightning or connector. >> that's right. melissa: that was a big deal too. go ahead. >> really big deal about the new iphone 5, it will be a little longer first of all, than the iphone 4 and the iphone 4 s. that will mean your screen will be a little bit bigger. you will see more things on it. a whole another row at the
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bottom of icons from the app store. that will be the thing that is the most obvious. these things about it getting thinner and lighter and having a more beautiful screen and faster processor, you know for technologists those are extraordinary things. for the rest of us, those things will be like, oh good, my phone work as little better than the last one. it will take pictures a little faster and so on. melissa: adam, i don't know. i was in taxi yesterday and driver said look at this great phone i just got. i went into the store to get an iphone, i realized i don't need it. it was cheaper. screen was better. it was a many is a sung. it runs on android operating system. this guy went in to buy a iphone and came out with something else. is this a growing problem for apple? >> anytime a competitor is taking share is a growing problem, you know. i would say, first of all, yes, probably better, more profitable, more exciting for them when they have the market almost all to themselves. the flipside of that is, the
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market is growing rapidly and almost completely belongs to apple and samsung. i don't think you will start to feeling sorry for apple because a taxi driver decides he can get away with a samsung. melissa: my 5-year-old says he needs a iphone 5. >> of course he does. melissa: he has no phone for the record. he seen the ads. he wants the 5. adam, thanks for coming on. >> my pleasure. melissa: here's our question of the day. are you going to buy a new iphone 5. no, not you my little son out there. i'm not getting you one. i mean the rest of you. look at responses on facebook. might not be automatic best-seller based on what you say. not a chance. i have a samsung galaxy c-3. i just love it. yes, the iphone 5 will make a good first iphone for me. i'm a big fan of apple products. like us on facebook at melissa france fist fox or
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follow me on twitter on melissaafrancis. california banks want to jump in on california's carbon trading market. i'm sure this will indwell. at the end of the day it is always about money. ♪ . what's truly amazing about mercedes new mbrace2 system...
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♪ . melissa: so here's an idea. use market forces to clean up the environment. that is the basic premise behind the cap-and-trade system that california will be putting into play in just a few weeks. banks are scrambling to get in on the new carbon market being created there but is it a smart financial bet? for more we'll go to jeff king managing director of environmental markets at skosha bank. jeff, you've been trading in carbon credits for a while now. barclays opened a desk to trade in california and promptly closed it. what's going on? >> this market has been really developing in fits and starts. i think back as far as 07, 08 we really expected a federal program to come into place. both political parties were
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in favor of the program. now in the absence after federal program that doesn't seem likely anytime very soon it becomes a more regional issue. meaning that states and some canadian provinces are moving ahead of the federal government to put programs in place. melissa: does that mean it is getting off the ground and people will trade in it? to me it sound like there is too much uncertainty and it will not work? >> no i say it is very much getting off the ground now. it is really the first time that a greenhouse gas program of this scale has come into north america. there have been other programs but this is by far the largest program and in north america, cap-and-trade program the country has seen. it has been talked about since 2006. and, now it is actually starting for the very first time. melissa: if you get banks involved to come in and start trading the credits, what are the possible externalities that could come out of that? i mean do you end up. can they be used as derivatives?
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another mortgage-backed securities problem? what are the possible outcomes down the road? >> i would say very much different than that we look at it like any other commodity that can trade hands between two different counterparties. our role really we're not looking to trade this for profit, to take a lot of market risk really at all. it is to help clients complete compliance obligations. this is market, manufacturing companies, power companies, don't really wake up one day and decide they want to be in the emissions market. they're told to be in it. the regulation are written. they have normal course of business and all of sudden they have a emissions market. go ahead. melissa: what you're talking about it inherently isn't going to work? >> instead of a profit it is possible to make a profit in this market but really it is a compliance market. by that i mean we're advising companies and helping them reduce compliance costs as much as possible. and to get access to these credits for compliance, it is really, it is not just
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purely speculative trading these companies are doing. instead they look to have these commodities in hand at the end of every year so they can be in, because the real cost of this program, when it really bites when you're noncompliance. so the number one goal and what we're working with clients on doing, making sure at end of every year they're in compliance with this program. melissa: it will be very interesting to see how it works out. jeff king, thanks for coming on. appreciate your time. >> thank you. melissa: so sometimes you literally get a pile of money thrown in your face. bank robbers paved the streets of los angeles with cash during a high speed car crash. did you see this? we have the wild details coming up next. look, that's money. that's cash! you can never have too much money obviously. ♪ .
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♪ melissa: it's time for a little fun with spare change today. we author and small business expert susan, and our own dennis neil. guys, thank you for joining us. all right. first up, a car full of 24 -- i love this one -- full of suspected bank robbers led authorities on a bizarre car chase today.
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wurch throws out cash from the car towards bystanders, and when it ends, the driver crashes with another vehicle. folks looking for cash, talk about making it rain. someone called into channel 4 and says you see robbers who take the money and one, they they helped us out. we support the robbers. this is what they said on tv. what do you think? >> these guys who did this allegedly have seen too many movie, and they forgot you throw out the crash when you're in a crowd running on foot, but when you drive 60 miles per hour, it didn't work effectively. >> it didn't work. >> it kind of worked. >> no, not at all. >> they were just trying to evade the police, and, you know, what is it about l.a. that they have all these car chases. i don't get it. melissa: it's a big place. everybody's driving around. >> only in california could you believe a fairy tale that the
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robbers were the good guys. melissa: modern day robin hood. once you see the helicopter overhead, it's over, done. they never get away; right? >> right. >> they are not smart otherwise they wouldn't do this in the first place. >> plus, you don't have cash left over for a bribe to get away, and the pursuit is for nothing. it was a bad strategy. >> putting innocent bystanders at risk. a police officer was hurt. that's sad here. these are not good guys. they are putting lives at risk trying to divert. i mean, really. melissa: serving, prepping, and cooking at this new restaurant, but only adult men who are low risk unlikely to escape will be working there. what do you think? would you eat there? is there a danger? >> as an attorney, liability;
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right? watch the liability here. secondly, as a small business person, i also worry about the small business restaurant. there's only so much money to go around, and so they are taking away money from the business pockets of the small business sprerp neuros issue and, also, the jobs these people provide in their restaurants. it's ridiculous. i would not eat there. >> first of all, i would not eat there because they are people who are angry and spit in your food. >> that's right. >> a new meaning to the phrase "do you want to order the feel shank?" in the 80s, the liberals embraced a writer in prison for murder. they should name the restaurant in the belly of the beast. melissa: oh, boy. you got good ones. >> he was let out of prison and murdered someone again unfortunately. melissa: a town in pennsylvania working hard to revitalize the business district and considering banning these.
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that's right. they may ban dogs because the owners leave dogs tied to parking meters scaring potential customers away and complaints people don't pick up after the dogs. what do you think? >> i'm amazed we have not yet heard president obama blame dogs for part of the economic recovery that dogs are scaring people away from shopping and you never ban something. you find a way to regulate it. how about a dog sitter downtown? >> great idea! i love that idea. you can charge, dogs can play together, dog parks. >> ban the politicians from downtown frankly. the politician and councilman who was afraid he might step in it on his daily walk, and as a politician, he's stepped in it many times before. trying to revitalize downtown area? you want people to live there. you are now taking pet owners
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who have dogs, don't want to live there, and telling small business people don't open up your pet store here because you are not welcome. melissa: absolutely. all right. another one. 7 11 may predict which candidate wins in november. there's coffee cups available who you can choose based on who you vote for, and they are keeping track of the votes. the results so far, obama beats romney by 16%. what do you think? are they the ultimate barometer of who wins? >> i think romney voters, all the millionaires and billionaires don't go to 7/11. >> it could be a little more scientific because in 2008, they really predicted the outcome. there's another donut shop in denver, colorado, that has donuts for the dobama donut. they predicted oba

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